Business Directories

Bank Dhofar Q2 net profit slips 21pc

Dubai, July 21, 2013

Bank Dhofar, Oman's second-largest bank by market value, posted a 20.8 per cent drop in second-quarter net profit, according to Reuters calculations, missing the average forecast of analysts.

The lender made 8.36 million rials ($21.71 million) of net profit in the three months to June 30, Reuters calculated based on the bank's financial statements. The figure is down from the 10.1 million rials made in the same period of last year.

An average of three analysts polled by Reuters forecast a net profit for the period of 9.05 million rials.

Net profit for the first six months of 2013 was 40.8 million rials, more than double the same period of last year, a statement to the Omani bourse said on Sunday, after the bank booked a gain from a court decision in the first quarter.

Oman's Primary Court returned 26.1 million rials to Bank Dhofar in March after the country's appeals court overturned a judgement relating to a 2011 case involving Oman International Bank and Ali Redha Trading and Muttrah Holding over the ownership of 1,925,000 Bank Dhofar shares.

Bank Dhofar said last week it had approached smaller peer Bank Sohar with a view to merging to create Oman's second-largest bank.

Bank Sohar said on Sunday that it would consider proposal in line with interest of shareholders. - Reuters